A combination of the global recession and a poor macadamia harvest in Australia is set to hit profits at nut processor Buderim Ginger.
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Buderim’s half-year figures have yet to be published but the company warned today (6 July) that annual EBITDA is expected to reach A$4-5m (US$3.2m-3.9m), down from A$7.5m posted in its previous fiscal year.
Net operating profit, excluding one-off gains, is forecast to “fall to around break-even” from last year’s A$1.2m, Buderim said.
The downturn has hit demand in the group’s key export markets, while severe flooding in New South Wales hit macadamia volumes.
Buderim also admitted that its plan to turn around its US unit, Mac Farms of Hawaii, was taking longer than expected.
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By GlobalDataThe group said it plans to release its half-year results by 28 August. It said, however, that “seasonal factors within the various group businesses” mean sales volumes are “much stronger” in the second half of its fiscal year.
